Although corporate governance practices were fairly implemented by Indonesian leading publicly -listed companies (PLCs), however, the practices show a significant improvement year by year since the first study that has been conducted in 2005. Protection of shareholders, especially minority shareholders, is still a big challenge encountered by companies. It implies a potential expropriation of minority shareholders' wealth in the future. Board practices are still necessary to be improved. Highly regulated industries or sectors, such as banking and SOEs, are performed better than those industries that are not highly regulated. It indicates the critical role of regulators to strengthen regulatory frameworks and their enforcement as well in efforts to improve corporate governance frameworks implemented by Indonesia publicly-listed firms.